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Leases

6 Months Ended

Oct. 03, 2021

Leases [Abstract]

Leases

Leases

The Company leases manufacturing facilities, distribution centers, office space, vehicles and other equipment under non-cancellable leases with initial terms typically ranging from 1 to 17 years.

Short term leases with an initial term of 12 months or less are not presented on the balance sheet and expense is recognized on a straight-line basis over the lease term.

The following table presents lease assets and liabilities and their balance sheet classification:

						Classification						As of October 3, 2021						As of March 31, 2021
Operating Leases:
Right-of-use assets						Other assets						$	56,116					$	62,159
Operating lease current liabilities						Accrued expenses						19,334						21,774
Operating lease non-current liabilities						Other liabilities						39,025						42,528
Finance Leases:
Right-of-use assets						Property, plant, and equipment, net						$	460					$	573
Finance lease current liabilities						Accrued expenses						220						236
Finance lease non-current liabilities						Other liabilities						328						435

The components of lease expense for the second quarter and six months ended October 3, 2021 and October 4, 2020 were as follows:

												Quarter ended												Six months ended
						Classification						October 3, 2021						October 4, 2020						October 3, 2021						October 4, 2020
Operating Leases:
Operating lease cost						Operating expenses						$	6,422					$	6,745					$	13,138					$	13,681
Variable lease cost						Operating expenses						2,354						1,613						4,927						3,732
Short term lease cost						Operating expenses						1,753						1,578						3,570						3,406
Finance Leases:
Depreciation						Operating expenses						$	59					$	46					$	119					$	88
Interest expense						Interest expense						7						7						15						14
Total												$	10,595					$	9,989					$	21,769					$	20,921

The following table presents the weighted average lease term and discount rates for leases as of October 3, 2021 and March 31, 2021:

October 3, 2021

March 31, 2021

Operating Leases:

Weighted average remaining lease term (years)

5.7 years

5.5 years

Weighted average discount rate

5.09%

5.16%

Finance Leases:

Weighted average remaining lease term (years)

2.7 years

3.1 years

Weighted average discount rate

4.80%

4.81%

The following table presents future payments due under leases reconciled to lease liabilities as of October 3, 2021:

						Finance Leases						Operating Leases
Six months ended March 31, 2022						$	132					$	11,907
Year ended March 31,
2023						216						17,366
2024						157						11,476
2025						47						7,699
2026						26						5,678
Thereafter						—						13,337
Total undiscounted lease payments						578						67,463
Present value discount						30						9,104
Lease liability						$	548					$	58,359

The following table presents supplemental disclosures of cash flow information related to leases for the second quarter and six months ended October 3, 2021 and October 4, 2020:

						Quarter ended												Six months ended
						October 3, 2021						October 4, 2020						October 3, 2021						October 4, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases						$	7					$	7					$	15					$	14
Operating cash flows from operating leases						6,484						6,739						13,249						13,660
Financing cash flows from finance leases						60						45						120						86
Supplemental non-cash information on lease liabilities arising from right-of-use assets:
Right-of-use assets obtained in exchange for new finance lease liabilities						$	—					$	87					$	—					$	87
Right-of-use assets obtained in exchange for new operating lease liabilities						1,909						955						5,590						7,132

Leases

Leases

The Company leases manufacturing facilities, distribution centers, office space, vehicles and other equipment under non-cancellable leases with initial terms typically ranging from 1 to 17 years.

Short term leases with an initial term of 12 months or less are not presented on the balance sheet and expense is recognized on a straight-line basis over the lease term.

The following table presents lease assets and liabilities and their balance sheet classification:

						Classification						As of October 3, 2021						As of March 31, 2021
Operating Leases:
Right-of-use assets						Other assets						$	56,116					$	62,159
Operating lease current liabilities						Accrued expenses						19,334						21,774
Operating lease non-current liabilities						Other liabilities						39,025						42,528
Finance Leases:
Right-of-use assets						Property, plant, and equipment, net						$	460					$	573
Finance lease current liabilities						Accrued expenses						220						236
Finance lease non-current liabilities						Other liabilities						328						435

The components of lease expense for the second quarter and six months ended October 3, 2021 and October 4, 2020 were as follows:

												Quarter ended												Six months ended
						Classification						October 3, 2021						October 4, 2020						October 3, 2021						October 4, 2020
Operating Leases:
Operating lease cost						Operating expenses						$	6,422					$	6,745					$	13,138					$	13,681
Variable lease cost						Operating expenses						2,354						1,613						4,927						3,732
Short term lease cost						Operating expenses						1,753						1,578						3,570						3,406
Finance Leases:
Depreciation						Operating expenses						$	59					$	46					$	119					$	88
Interest expense						Interest expense						7						7						15						14
Total												$	10,595					$	9,989					$	21,769					$	20,921

The following table presents the weighted average lease term and discount rates for leases as of October 3, 2021 and March 31, 2021:

October 3, 2021

March 31, 2021

Operating Leases:

Weighted average remaining lease term (years)

5.7 years

5.5 years

Weighted average discount rate

5.09%

5.16%

Finance Leases:

Weighted average remaining lease term (years)

2.7 years

3.1 years

Weighted average discount rate

4.80%

4.81%

The following table presents future payments due under leases reconciled to lease liabilities as of October 3, 2021:

						Finance Leases						Operating Leases
Six months ended March 31, 2022						$	132					$	11,907
Year ended March 31,
2023						216						17,366
2024						157						11,476
2025						47						7,699
2026						26						5,678
Thereafter						—						13,337
Total undiscounted lease payments						578						67,463
Present value discount						30						9,104
Lease liability						$	548					$	58,359

The following table presents supplemental disclosures of cash flow information related to leases for the second quarter and six months ended October 3, 2021 and October 4, 2020:

						Quarter ended												Six months ended
						October 3, 2021						October 4, 2020						October 3, 2021						October 4, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases						$	7					$	7					$	15					$	14
Operating cash flows from operating leases						6,484						6,739						13,249						13,660
Financing cash flows from finance leases						60						45						120						86
Supplemental non-cash information on lease liabilities arising from right-of-use assets:
Right-of-use assets obtained in exchange for new finance lease liabilities						$	—					$	87					$	—					$	87
Right-of-use assets obtained in exchange for new operating lease liabilities						1,909						955						5,590						7,132

X

- References

No definition available.

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- Definition

The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-URI http://asc.fasb.org/subtopic&trid=77888251

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X

- Definition

The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-URI http://asc.fasb.org/subtopic&trid=77888251

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